Hi
Not yet, but in the next release. It means that you could do language specific stuff with some of the core services - if you're extending Alfresco. In the next release, we will have UI to go with the services that allows you to manage a "logical" document with different translations. You can then do smart things like only show translations in the language you are interested in, or switch to other language variants of the content.
Cheers
Paul.